Crypto Market Wipes Out $75 Billion in Hour-Long Crash

The cryptocurrency market plummeted by $75.76 billion in a single hour following Israel's strike on Iran, highlighting the sector's vulnerability to geopolitical shocks. The sudden escalation of tensions sent investors scrambling for safe havens, resulting in extreme volatility and widespread liquidations.

As investors fled to cash, U.S. Treasuries, or physical gold, the price of Bitcoin plummeted to $63,806, while Ethereum and XRP also saw significant drops. The rapid drop triggered over $100 million in liquidations within 15 minutes, underscoring the sector's sensitivity to macroeconomic and geopolitical shocks.

The event also sparked calls for a temporary ban on crypto political donations, as the UK Security Committee chair highlighted the need for regulatory oversight in light of increasing institutional participation. Meanwhile, Ripple unveiled a transformative whitepaper aimed at streamlining bank-to-crypto transactions, but the market's attention remained focused on the ongoing geopolitical tensions.